Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans.
The Treasury’s Pay as You Grow repayment flexibilities enable borrowers to tailor their repayment schedule, with the option to extend the length of their loans from six to ten years (reducing monthly repayments by almost half), make interest-only payments for six months or pause repayments for up to six months.
The Chancellor has now extended the flexibility of the third option, which will now be available to all from their first repayment (rather than after six repayments have been made). This will mean that businesses can choose to make no payments on their loans until 18 months after they originally took them out.
These Pay as You Grow options will be available to more than 1.4 million businesses which took out a total of nearly £45 billion through the Bounce Back Loan Scheme.
This is in addition to the government covering the costs of interest for the first year of the loan.
Four in five small business owners report experiencing symptoms of poor mental health at least a few times a year, according to a new study by Mental Health UK and the small business lender iwoca.
The research also found that the Covid-19 crisis has made this more acute, with people reporting panic attacks and experiencing symptoms of depression more frequently since the pandemic began.
Some 86% of female business owners reported experiencing poor mental health, compared with 77% of males. Despite this, 44% of small business owners have never accessed mental health support.
An inability to focus (66%) was most commonly reported by small business owners, followed by the anxiety (64%) and disrupted sleep (63%). Almost a quarter (24%) have panic attacks and 37% experience symptoms of depression.
More than a fifth or respondents (22%) stated that they often shut off and disengage from others when experiencing mental health issues, with just one in four (25%) having accessed professional help. When pressed on why they hadn’t sought help, just under a third (31%) of owners said they didn’t know where to go for help or were unaware support existed.
For more information and to find details of where to get help and advice go to https://mentalhealth-uk.org/
PQ magazine – the UK’s leading publication for accountancy and bookkeeping trainees – has joined forces with Training Link’s Michele Butler to help students get to grips with the trial balance.
In just six short minutes she explains how to create the trial balance and why you are doing it. Michele will let you know whether a balance is a credit or debit, and help you get to grips with ‘DEAD CLIC’.
Check out the latest in the series at: https://vimeo.com/500074449. Students can also use the same link to access a Back to Basics video explaining double entry bookkeeping.
Our IAB Awards event – www.IAB.org.uk/Awards
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